Interest Rates Status Quo Thru 2017

interest rates2

CBJ — A number of financial experts believe that the current low interest rates are likely to be with us for at least another two years.

After rebounding from a mild recession in the last quarter, a survey of economists revealed most believe interest rates will hold steady until we are well into 2017.

After the Canadian economy went into a decline in the first half of the year due to low oil prices, the country’s exports rebounded in the past few months, pulling us out of recession. It’s expected the economy will expand at an annualized rate of 2.5% in the third quarter and 1.7% in the fourth quarter.

The Bank of Canada cut interest rates twice this year to offset the shock of cheaper oil.